A rule that codifies an interagency statement on the role of supervisory guidance, issued by five federal financial regulatory agencies in September, 2018, has been published in the Federal Register, with comments due Jan. 4, 2021.
The 2018 interagency statement reiterated well-established law by stating that, unlike a law or regulation, supervisory guidance does not have the force and effect of law, according to the NCUA. “As a result, supervisory guidance does not create binding legal obligations for the public. The proposed rule is intended to confirm that agencies will continue to follow and respect the limits of administrative law in carrying out their supervisory responsibilities.”
In addition to the NCUA, the proposed rule was approved for public comment earlier by the Federal Reserve Board, CFPB, FDIC and OCC.
The NCUA board’s next meeting is Nov. 19, which will be livestreamed at 10 a.m. on the agency’s website.